Maynilad profit rises 19% to P15.2B on tariff adjustments and stable billed connections

MAYNILAD WATER Services, Inc. reported net income of P15.2 billion for 2025, up 19% from a year earlier, supported by higher revenues from increased tariffs and stable billed water connections.

Revenues rose 9.4% to P36.6 billion from P33.5 billion in the previous year, on the back of higher tariffs and stable billed connections, the company said in a statement on Tuesday. The company has yet to release its full report for the period.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 14.9% to P25.3 billion from P22 billion, with the margin improving to 69%.

Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said that 2025 was the company’s best year, marked by strong consolidated financial performance and service improvements.

“We remain focused on disciplined capital allocation, operational efficiency, and long-term value creation while fulfilling our service obligations,” he said.

Mr. Fernandez said the water utility is relying on billed volume growth, higher tariffs, and continued efficiency efforts to support its operations this year.

Beyond financial performance, Maynilad is also focused on service, with non-revenue water (NRW) averaging 34.9%, a 5-percentage-point improvement from 2024. This enabled the recovery of approximately 256 million liters per day of water, according to the company.

NRW refers to water that is produced but not billed due to leaks, theft, or other losses.

Mr. Fernandez said during a briefing that the company plans to spend up to P6 billion a year until NRW reaches 20%, the international standard.

“Our business plan is directed towards achieving the level of 20%,” he said.

For 2026, the company has earmarked P30 billion for capital expenditure on water and wastewater projects.

Maynilad made its stock market debut in November last year, raising P34.34 billion from the offering — the second-largest initial public offering (IPO) in the Philippine Stock Exchange’s history.

While it has already raised capital, the company said that funding from the IPO is still insufficient to cover all planned spending.

“That’s how big our investment is in the concession,” Maynilad Chief Finance Officer Ricardo F. Delos Reyes said.

Maynilad serves as the primary provider of water and wastewater services in the West Zone, covering 11 cities in Metro Manila, three with partial coverage, as well as parts of Cavite province.

Shares in the company rose 5.31% to close at P21.80 apiece.

Metro Pacific Investments Corp., Maynilad’s majority shareholder, is one of three Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., along with Philex Mining Corp. and PLDT Inc.

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